The statements are not mutually exclusive. They are likely both true, and what one might expect from governance decisions to date.

WME got its 501c3 status last year, expanded its Board, and is working on its structure. It will start emitting 501c3 reports this year.  It will need staff to take over any of the investment management Tides currently provides; I would expect the current endowment fund (the collective action fund) to remain there until an alternative is in place.  

The sorts of regular reports we care about (reflections on organizational structure, timelines, goals and budgeting, coordination with WMF, practicalities of how an endowment functions) are only partly related to the mandatory reports of a charity.  Lodewijk, agreed that those sorts of clarifications are great, and relevant to how we all plan for the future; perhaps we can catalyze a public conversation about such things. 

Warmly, SJ

(still hoping for part of our movement to put out a series of plans for maximizing project functionality on a minimal budget)

Dan S writes: 
> Since the answers express mutually exclusive propositions...